Tenant-Occupied Residential Income
1500 W Lexington Avenue Elkhart, IN 46516
1500 W Lexington Avenue, Elkhart, IN, 46516
$118,500
For Sale
$118,500
MULTI_FAMILY - Elkhart, IN
Property Size866 SF
Lot Size0.28 Acres
Price / SF$136.84
Days on Market52
Property Features for 1500 W Lexington Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 2
- Bathrooms
- 1
- Rooms
- Bedroom 1, Bathroom 1, Basement, Bedroom 2
- Parking
- 4
- Standard status
- Active
- APN
- 20-06-06-378-004.000-012
- Size
- 866 SF
- Lot size
- 0.28 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- South View Lot 6 & 7
- Tax Annual Amount
- 700
Utilities
- Cooling system
- Central Air
Building Details
- Year built
- 1912
- Floors in Building
- 1
- Number of units
- 1
- Flooring type
- Vinyl
- Architectural style
- Other
Listing Agency
SUNRISE Realty
(574) 596-1394
6442 E Waco Dr, Elkhart, IN
Listed by
Michelle Bordeau · License #RB20001750
(574) 339-8199
Added: May 26 Checked: Jul 16 at 3:06 pm
MLS# 202620063
Copyright © 2026 Elkhart County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This tenant-occupied single-family home is being offered as a residential income property. The layout includes spacious living areas and is positioned for straightforward rental use with a tenant already in place, with showings requiring advance notice due to occupancy.
The property is located at 1500 W Lexington Avenue in Elkhart, Indiana (46516). The listing notes convenience to shopping, schools, and major roadways.
With a small residential footprint and functional interior space, the home is presented as an opportunity for investors seeking to add a cash-flowing unit to their portfolio.
The property is located at 1500 W Lexington Avenue in Elkhart, Indiana (46516). The listing notes convenience to shopping, schools, and major roadways.
With a small residential footprint and functional interior space, the home is presented as an opportunity for investors seeking to add a cash-flowing unit to their portfolio.
Key Highlights
- Single‑family home in Elkhart with an established tenant already in place (tenant‑occupied).
- Year built: 1912.
- Central air cooling.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $12.7k | $14.64 |
| − Vacancy | −$1.0k | −$1.16 |
| EGI | $11.7k | $13.48 |
| − OpEx | −$5.3k | −$6.07 |
| NOI | $6.4k | $7.42 |
866 SF · lease $14.64/SF/yr · vacancy 7.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$91.7K
$80.3K – $107.0K
NOI $6,422 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$160.3K
$140.3K – $187.1K
NOI $11,223 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Single family properties
Similar For Sale Nearby
FAQs
What type of property is this?
Single family property - Single-family income property with an established tenant in place, offering immediate rental occupancy.
Where is this single family property located?
The property is located at 1500 W Lexington Avenue Elkhart, IN.
What is the asking price?
The asking price for this property is $118,500.
What are key features of this property?
This property features: Single‑family home in Elkhart with an established tenant already in place (tenant‑occupied).; Year built: 1912.; Central air cooling.
